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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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car

can i keep my car if i file bankruptcy

Posted from: Ontario

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One Response to “car”

A licensed trustee said...

Probably – if you own your car outright and it is worth less than $5,650 it is exempt for seizure (safe in bankruptcy). If it is worth more than $5650 you’ll have to pay an amount equal to the excess into your bankruptcy to keep it. For example, if your car is worth $8,000 you’ll have to pay $2350 into your bankruptcy to keep it. If you can’t your trustee will sell the car, give you the first $5650 and give the rest to your creditors.

If your car is leased or if you have a loan outstanding against it then you must continue to make your payments if you want to keep your car.

Discuss this with your trustee in detail BEFORE you decide to file.